Thursday's announcement "is a good sign for both domestic and international investors", and is likely to "unleash new energy at corporate level," Niu said.
Ding Ningning, researcher with the State Council Development Research Center, said cutting the central government's approval power will help it become more efficient in macroeconomic management, and will provide a better service to the market and society.
Government ministries have only limited staff and limited time to do their jobs. Too many approval papers will use resources that should have been committed to policy-level research, he said.
The National Development and Reform Commission saw the deepest reduction in its approval authority, relinquishing 26 business activities, including expansion of civilian airports, ethylene or paraxylene plants, paper pulp manufacturing, and the production of sugar and polyester.
Such projects can still be regulated by industrial policies, technology standards and economic laws, a commission official said.
A host of items previously subject to central government approval are to be delegated to local governments, including investment in wind power plants, hydropower stations on some rivers, potash fertilizer plants, rare earth processing mills and construction of oil and gas pipelines within a province.
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